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1、-1-Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel

2、iance upon the whole or any part of the contents of this announcement.AGRICULTURAL BANK OF CHINA LIMITED中國農業銀行股份有限公司(a joint stock company incorporated in the Peoples Republic of China with limited liability)(Stock Code:1288)INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024Agricultu

3、ral Bank of China Limited(the“Bank”)is pleased to announce the unaudited interim results of the Bank and its subsidiaries(together,the“Group”)for the six months ended 30 June 2024.This results announcement contains the interim report of the Bank for the six months ended 30 June 2024,the contents of

4、which have been prepared in accordance with the relevant disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Hong Kong Listing Rules”).The interim financial information of the Group for the six months ended 30 June 2024 has been rev

5、iewed by KPMG in accordance with International Standard on Review Engagements 2410.The interim results have also been reviewed by the Audit and Compliance Committee of the Board of Directors of the Bank(the“Audit and Compliance Committee”).The printed version of the 2024 interim report of the Bank w

6、ill be despatched to the holders of H Shares of the Bank who have indicated their intention to receive printed copies of the Banks corporate communications,and will also be available on the websites of The Stock Exchange of Hong Kong Limited(www.hkexnews.hk)and the Bank(,).By Order of the BoardAgric

7、ultural Bank of China LimitedLIU QingCompany SecretaryBeijing,the PRC30 August 2024As at the date of this announcement,the executive directors of the Bank are Mr.GU Shu,Mr.ZHANG Xuguang and Mr.LIN Li;the non-executive directors of the Bank are Ms.ZHOU Ji,Mr.LI Wei,Mr.LIU Xiaopeng,Mr.XIAO Xiang and M

8、r.ZHANG Qi;and the independent non-executive directors of the Bank are Mr.HUANG Zhenzhong,Ms.LEUNG KO May Yee,Margaret,Mr.WU Liansheng and Mr.WANG Changyun.-2-CONTENTSDefinitions.4Basic Corporate Information and Major Financial Indicators .6Basic Corporate Information .6Financial Highlights.8Operati

9、on Overview.12Discussion and Analysis.15Situation and Prospects .15Financial Statement Analysis.17Income Statement Analysis.17Balance Sheet Analysis.26Other Financial Information .38Business Review .40Five Priorities .40Corporate Banking .42Retail Banking .45Treasury Operations .48Asset Management .

10、49Internet Finance .52Cross-border Financial Services .53Integrated Operations .55FinTech.59Human Resources Management and Institution Management.60County Area Banking Business.63Management Mechanism.63Financial Services for Rural Revitalization .64Financial Position .66Risk Management .68Credit Ris

11、k .68Market Risk.76Liquidity Risk.80Operational Risk.82Reputational Risk .82Country Risk.83Risk Consolidated.83Capital Management .84Management of Capital Financing .84Management of Economic Capital .85Capital Adequacy Ratio and Leverage Ratio .85-3-Information on Environmental,Social and Governance

12、.86Green Finance .86Human Capital Development.89Consumers Interests Protection .91Privacy and Data Security.93Accessibility of Finance Services .96Philanthropy.98Corporate Behavior .99Corporate Governance Report .101Operation of Corporate Governance .101Directors,Supervisors and Senior Management .1

13、03Details of Ordinary Shares .105Details of Preference Shares .109Significant Events.113Interim Financial Information(Unaudited).118-4-DefinitionsIn this results announcement,unless the context otherwise requires,the following terms shall have the meanings set out below:1.ABC/Agricultural Bank of Ch

14、ina/the Bank/the Group/WeAgricultural Bank of China Limited,or Agricultural Bank of China Limited and its subsidiaries2.ABC-CAABC-CA Fund Management Co.,Ltd.3.ABC Financial LeasingABC Financial Leasing Co.,Ltd.4.ABC InternationalABC International Holdings Limited5.ABC InvestmentABC Financial Asset I

15、nvestment Co.,Ltd.6.ABC Life InsuranceABC Life Insurance Co.,Ltd.7.ABC Wealth ManagementABC Wealth Management Co.,Ltd.8.A Share(s)Ordinary shares listed domestically which are subscribed and traded in Renminbi9.CASs/PRC GAAPThe Accounting Standards for Enterprises promulgated on 15 February 2006 by

16、the Ministry of Finance of the Peoples Republic of China and other related rules and regulations subsequently issued10.County Area Banking DivisionAn internal division with management mechanism adopted by us for specialized operation of financial services provided to Sannong and the County Areas,as

17、required under our restructuring into a joint stock limited liability company,which focuses on the County Area Banking Business with independence in aspects such as governance mechanism,operational decision making,financial accounting as well as incentive and constraint mechanism to a certain extent

18、11.CSRCChina Securities Regulatory Commission12.Global Systemically Important BanksBanks recognized as key players in the financial market with global features as announced by the Financial Stability Board-5-13.Green FinanceEconomic activities designed to support environmental improvement,respond to

19、 climate change and efficient use of resources,that is,financial services provided for project investment and financing,project operation,risk management,etc.in the fields of environmental protection,energy saving,clean energy,green transportation,green building,etc.14.H Share(s)Shares listed on The

20、 Stock Exchange of Hong Kong Limited and subscribed and traded in Hong Kong Dollars,the nominal value of which are denominated in Renminbi15.Hong Kong Listing RulesThe Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited16.Hong Kong Stock ExchangeThe Stock Exchange of

21、 Hong Kong Limited17.HuijinCentral Huijin Investment Ltd.18.Independent DirectorThe independent director referred to in the Rules Governing the Listing of Stocks on Shanghai Stock Exchange,as well as the independent non-executive director referred to in the Hong Kong Listing Rules19.MOFMinistry of F

22、inance of the Peoples Republic of China20.NFRANational Financial Regulatory Administration,or the former China Banking and Insurance Regulatory Commission21.PBOCThe Peoples Bank of China22.SannongAgriculture,rural areas and rural people23.SSFNational Council for Social Security Fund of the Peoples R

23、epublic of China-6-Basic Corporate Information and Major Financial IndicatorsBasic Corporate InformationLegal name in Chinese中國農業銀行股份有限公司Abbreviation中國農業銀行Legal name in EnglishAbbreviationAGRICULTURAL BANK OF CHINA LIMITED AGRICULTURAL BANK OF CHINA(ABC)Legal representativeGU ShuAuthorized represent

24、ativeLIU QingSecretary to the Board of Directors and Company SecretaryLIU QingAddress:No.69,Jianguomen Nei Avenue,Dongcheng District,Beijing,PRCTel:86-10-85109619(Investors Relations)Fax:86-10-85126571E-mail:Selected media and websites for information disclosureChina Securities Journal()Shanghai Sec

25、urities News()Securities Times()Securities Daily()Website of Shanghai Stock Exchange publishing the interim report(A Shares)Website of Hong Kong Stock Exchange publishing the interim report(H Shares)www.hkexnews.hkLocation where copies of the interim report are keptOffice of the Board of Directors o

26、f the BankListing exchange of A SharesShanghai Stock ExchangeStock name農業銀行Stock code601288Share registrarChina Securities Depository and Clearing Corporation Limited,Shanghai Branch(Address:No.188 South Yanggao Road,Pudong New Area,Shanghai,PRC)-7-Listing exchange of H SharesThe Stock Exchange of H

27、ong Kong LimitedStock nameABCStock code1288Share registrarComputershare Hong Kong Investor Services Limited(Address:Shops 1712-1716,17th Floor,Hopewell Center,183 Queens Road East,Wanchai,Hong Kong,PRC)Trading exchange and platform of preference sharesThe Integrated Business Platform of Shanghai Sto

28、ck ExchangeStock name(stock code)農行優1(360001),農行優2(360009)Share registrarChina Securities Depository and Clearing Corporation Limited,Shanghai Branch(Address:No.188 South Yanggao Road,Pudong New Area,Shanghai,PRC)Legal advisor as to laws of Chinese mainlandKing&Wood MallesonsAddress17-18/F,East Towe

29、r,World Financial Centre 1,No.1,Dongsanhuan Zhong Road,Chaoyang District,Beijing,PRCLegal advisor as to laws of Hong KongClifford ChanceAddress27/F,Jardine House,1 Connaught Place,Central,Hong Kong,PRCDomestic auditorKPMG Huazhen LLPAddress8/F,Office Tower E2,Oriental Plaza,1 East Chang An Avenue,Do

30、ngcheng District,Beijing,PRCName of the undersigned accountantsSHI Jian,HUANG AizhouInternational auditorKPMGAddress8/F,Princes Building,10 Chater Road,Central,Hong Kong,PRCName of the undersigned accountantWong Yuen Shan-8-Financial Highlights(Financial data and indicators recorded in this results

31、announcement are prepared in accordance with the International Financial Reporting Standards(the“IFRSs”)and denominated in RMB,unless otherwise stated)31 December202231 December202330 June2024Total assets(in millions of RMB)31 December202231 December202330 June2024(in millions of RMB)(in millions of

32、 RMB)Six monthsended30 June 2022Six monthsended30 June 2023Six monthsended30 June 2024Six monthsended30 June 2022Six monthsended30 June 2023Six monthsended30 June 2024(%)Six monthsended30 June 2022Six monthsended30 June 2023Six monthsended30 June 2024Total loans and advances to customersNet proftNet

33、 interest marginCost-to-income ratio31 December202231 December202330 June2024(%)31 December202231 December202330 June2024(%)Non-performing loan ratioAllowance to non-performing loans31 December202231 December202330 June2024(in millions of RMB)Deposits from customers(%)012,000,00024,000,00036,000,000

34、48,000,00033,925,48839,872,98941,984,55308,000,00016,000,00024,000,00032,000,00025,121,040 28,898,46829,459,2100.000.601.201.802.401.661.450.000.000.400.801.201.601.371.332.021.3207,000,00014,000,00021,000,00028,000,00019,763,82722,614,62124,388,702040,00080,000120,000160,000128,783133,831136,4940.0

35、010.0020.0030.0026.0327.3727.4480.00160.00240.00320.00302.60303.87303.94-9-Major Financial Data30 June 202431 December 202331 December 2022At the end of the reporting period (in millions of RMB)Total assets41,984,55339,872,98933,925,488Total loans and advances to customers24,388,70222,614,62119,763,

36、827Including:Corporate loans14,336,72512,791,11610,741,230Discounted bills934,9711,310,7471,007,548Retail loans8,652,0938,059,9157,545,282Overseas and others410,076402,491426,847Allowance for impairment losses on loans949,968882,855782,854Loans and advances to customers,net23,438,73421,731,76618,980

37、,973Financial investments12,853,50911,213,7139,530,163Cash and balances with central banks3,037,3052,922,0472,549,130Deposits and placements with and loans to banks and other financial institutions1,095,5421,596,2571,131,215Financial assets held under resale agreements740,3551,809,5591,172,187Total

38、liabilities38,928,09036,976,12231,251,728Deposits from customers29,459,21028,898,46825,121,040Including:Corporate deposits10,311,82710,477,2869,032,456Retail deposits17,844,26817,109,71114,977,766Overseas and others844,168852,298727,212Deposits and placements from banks and other financial instituti

39、ons5,063,7134,035,7872,792,933Financial assets sold under repurchase agreements114,326100,52143,779Debt securities issued2,580,0252,295,9211,869,398Equity attributable to equity holders of the Bank3,049,7782,889,2482,668,063Net capital14,080,0933,828,1713,416,349Common Equity Tier 1(CET1)capital,net

40、12,461,6762,394,9402,215,612Additional Tier 1 capital,net1579,565480,009440,009Tier 2 capital,net11,038,852953,222760,728Risk-weighted assets122,109,31722,338,07819,862,505 -10-Six months ended 30 June 2024Six months ended 30 June 2023Six months ended 30 June 2022Interim operating results (in millio

41、ns of RMB)Operating income367,140365,794363,195Net interest income290,848290,421300,177Net fee and commission income46,73650,73149,489Operating expenses108,679107,678101,730Credit impairment losses100,998102,352105,529Total profit before tax157,471155,969156,049Net profit136,494133,831128,783Net pro

42、fit attributable to equity holders of the Bank135,892133,234128,752Net cash flows generated from operating activities291,3801,353,499908,785 Financial IndicatorsSix months ended 30 June 2024Six months ended 30 June 2023Six months ended 30 June 2022Profitability(%)Return on average total assets20.67*

43、0.74*0.84*Return on weighted average net assets310.75*11.43*11.92*Net interest margin41.45*1.66*2.02*Net interest spread51.30*1.49*1.86*Return on risk-weighted assets1,61.23*1.23*1.36*Net fee and commission income to operating income12.7313.8713.63Cost-to-income ratio727.4427.3726.03 Data per share(

44、RMB Yuan)Basic earnings per share30.370.370.35Diluted earnings per share30.370.370.35Net cash flows per share generated from operating activities0.833.872.60 -11-30 June 202431 December 202331 December 2022Asset quality(%)Non-performing loan ratio81.321.331.37Allowance to non-performing loans9303.94

45、303.87302.60Allowance to loan ratio104.004.054.16 Capital adequacy(%)Common Equity Tier 1(CET1)capital adequacy ratio111.1310.7211.15Tier 1 capital adequacy ratio113.7612.8713.37Capital adequacy ratio118.4517.1417.20Risk-weighted assets to total assets ratio152.6656.0258.55Total equity to total asse

46、ts ratio7.287.277.88 Data per share(RMB Yuan)Net assets per ordinary share117.066.886.37 Notes:1.Since 1 January 2024,figures were calculated in accordance with the Rules on Capital Management of Commercial Banks and other relevant regulations;before 1 January 2024,figures were calculated in accorda

47、nce with the Rules on Capital Management of Commercial Banks(Provisional)and other relevant regulations.2.Calculated by dividing net profit by the average balances of total assets at the beginning and the end of the period.3.Calculated in accordance with the Rules for the Compilation and Submission

48、of Information Disclosure by Companies that Offer Securities to the Public No.9 Computation and Disclosure of Return on Net Assets and Earnings per Share(2010 Revision)issued by the CSRC and International Accounting Standard 33 Earnings per Share.4.Calculated by dividing net interest income by the a

49、verage balances of interest-earning assets.5.Calculated as the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.6.Calculated by dividing net profit by risk-weighted assets at the end of the period.The risk-weighted assets are calcul

50、ated in accordance with the relevant regulations of the NFRA.7.Calculated by dividing operating and administrative expenses by operating income in accordance with CASs,which is consistent with the corresponding figures as stated in the financial report of the Bank prepared in accordance with CASs.8.

51、Calculated by dividing the balance of non-performing loans(excluding accrued interest)by the balance of total loans and advances to customers(excluding accrued interest).9.Calculated by dividing the balance of allowance for impairment losses on loans by the balance of non-performing loans(excluding

52、accrued interest),among which,the balance of allowance for impairment losses on loans includes the allowance for impairment losses on bills and forfeiting recognized in other comprehensive income.10.Calculated by dividing the balance of allowance for impairment losses on loans by the balance of tota

53、l loans and advances to customers(excluding accrued interest),among which,the balance of allowance for impairment losses on loans includes the allowance for impairment losses on bills and forfeiting recognized in other comprehensive income.11.Calculated by dividing equity attributable to ordinary eq

54、uity holders of the Bank(excluding other equity instruments)at the end of the period by the total number of ordinary shares at the end of the period.*Annualized figures.-12-Operation OverviewIn the face of new situations and challenges this year,the Bank insisted on being guided by Xi Jinping Though

55、t on Socialism with Chinese Characteristics for a New Era,further upheld the political and people-oriented nature of financial work,faithfully implemented the decisions and plans of the Central Committee of the Communist Party of China(CPC)and the State Council,and fully implemented the plans and re

56、quirements of the Central Financial Work Conference in all aspects.Focusing on the key tasks of“Three Stabilizations and Two Advancements”,we served Sannong and the real economy precisely and efficiently,achieved sound results in businesses and operations,and made solid strides in high-quality devel

57、opment.The quality and efficiency of our operations continued to improve.Adhering to the general principle of pursuing progress while ensuring stability and through balancing functionality and profitability,we achieved steady growth in the scale of assets and liabilities,maintained stable asset qual

58、ity,continuously improved operating performance,and properly coordinated serving the real economy and sustainable development of the Bank.In the first half of 2024,we recorded operating income of RMB367.1 billion and net profit of RMB136.5 billion,representing a year-on-year increase of 0.4%and 2.0%

59、,respectively.With return on average total assets of 0.67%,return on weighted average net assets of 10.75%and cost-to-income ratio of 27.44%,the operating performance was generally positive.As at the end of June 2024,the Groups total assets amounted to RMB42 trillion,representing an increase of 5.3%

60、as compared to the end of the previous year;of which,total loans and advances to customers amounted to RMB24.4 trillion,representing an increase of 7.8%as compared to the end of the previous year.Total liabilities amounted to RMB38.9 trillion,representing an increase of 5.3%as compared to the end of

61、 the previous year;of which,the all-system deposits from customers amounted to RMB34.1 trillion.The non-performing loan ratio was 1.32%,representing a decrease of 0.01 percentage point as compared to the end of the previous year.The overdue loan ratio was 1.07%,representing a decrease of 0.01 percen

62、tage point as compared to the end of the previous year.The allowance to non-performing loans was 303.94%,and the capital adequacy ratio was 18.45%.Our financial services for Sannong and County Areas achieved new results.We remained committed to our primary responsibilities and core business,and supp

63、orted all-round rural revitalization and the building of a strong agricultural sector with greater efforts.As at the end of June 2024,total loans in County Areas amounted to RMB9.60 trillion,representing an increase of 9.4%as compared to the end of the previous year,with a rising proportion in our d

64、omestic loans to 40.1%.The balance of loans for sufficient supply of food and major agricultural products and related fields,rural industries,and rural construction and related fields amounted to RMB994.5 billion,RMB2.26 trillion,RMB2.22 trillion,respectively,representing an increase of 17.8%,22.8%a

65、nd 13.6%,respectively,as compared to the end of the previous year.The balance of loans in 832 counties lifted out of poverty and 160 key national counties receiving assistance in pursuing rural revitalization amounted to RMB2.21 trillion and RMB413.8 billion,respectively,representing an increase of

66、10.0%and 8.7%,respectively,as compared to the end of the previous year,both higher than the growth of total loans of the Bank.We continuously increased credit supply to farmers by the promotion of“Huinong E-loan”.The balance of“Huinong E-loan”exceeded RMB1.4 trillion,representing an increase of 29.5

67、%as compared to the end of the previous year,continuously meeting the needs of farmers for operation and production,and increasing incomes.We innovatively launched a number of featured products and modes such as“Fertile Farmland Loan”and“Cold Chain Loan for Farmers”.“ABC Huinong Cloud”,our digital p

68、latform targeting rural areas,had more than 6 million customers,and the breadth and depth of our services expanded continuously.-13-The services in the Five Priorities were elevated to new heights.Focusing on the primary task of promoting high-quality development,we made efforts to optimize and stre

69、ngthen financial services for major strategies,key areas and weak links.Focusing on fostering new quality productive forces,we improved the service system of technology finance.As at the end of June 2024,the balance of loans for strategic emerging industries amounted to RMB2.63 trillion,representing

70、 an increase of 25.0%as compared to the end of previous year.Focusing on the green and low-carbon transition of the economy and society on all fronts,we thoroughly implemented the strategy of green finance,with the balance of green credit exceeded RMB4.8 trillion.We continued to optimize inclusive f

71、inance services.The balance of loans to inclusive finance amounted to RMB4.51 trillion according to PBOCs caliber,and the balance of loans granted to private enterprises amounted to RMB6.24 trillion,representing an increase of 25.8%and 14.4%,respectively,as compared to the end of the previous year,b

72、oth higher than the growth of total loans of the Bank.We endeavored to improve the peoples wellbeing,actively explored and promoted the development of pension finance,constantly refined the product and service system,and completed the age-friendly transformation at over 20 thousand outlets.We active

73、ly engaged in the building of digital China,and continuously enhanced our digital finance service capacity,with more than 45 thousand Internet high-frequency scenarios built and the number of monthly active users of mobile banking reaching 231 million.Meanwhile,we adapted precise measures to improve

74、 financial services for the key areas of stabilizing investment and stimulating consumption,actively served large-scale equipment renewals and trade-ins of consumer goods,and fully supported the work to ensure the delivery of housing projects,facilitating the sustained economic recovery and growth.T

75、he reform momentum in key areas continued to grow.Adhering to reform as the primary driving force for development,we continuously deepened the system and mechanism reform and financial service innovation,and iteratively and innovatively promoted the implementation of reforms through a project-based

76、system.As a result,the benefits of reforms continued to be released.We further deepened the digital transformation,and the effectiveness of precision marketing and targeted risk control were significantly enhanced.We made a solid start of the construction of smart banking,and the capability of techn

77、ological empowerment was continuously strengthened.We continuously improved the organizational structure of the County Area Banking Division,constantly consolidated the results of the credit approval mechanism reform,and boosted the efficiency of our services for Sannong and the real economy.We achi

78、eved new results in optimizing operating processes,further expanded the coverage of cross-regional handling of all retail banking services,and implemented the promotion of a new process for opening corporate customer accounts across the Bank.The reforms resulted in continuous improvements of both fo

79、undation-level branch outlet satisfaction and customer satisfaction.-14-Risk control and case prevention were further strengthened.We made the prevention and mitigation of financial risks the primary task throughout the year,continuously improved the comprehensive risk management system,coordinated

80、the management and control of traditional risks and new types of risks,and adhered to the bottom line of risk management.We endeavored to resolve credit risks in key areas such as real estate,local government debts and group customers with large loan balances,and stepped up the disposal of non-perfo

81、rming loans and the collection of overdue loans.While increasing credit support for the real economy,we achieved continuous upturns of forward-looking risk indicators such as the overdue loan ratio and the scissors difference between overdue loans and non-performing loans,and maintained generally st

82、able asset quality.We actively responded to the fluctuations in the financial market,strengthened penetration monitoring of business,dynamically adjusted and improved investment portfolios and risk exposures,and thereby achieved stable operation of our market-related business.We launched the campaig

83、n of boosting the quality and striving for excellence of compliance,and took more solid steps to advance case prevention and compliance management.We prudently and consistently advanced the building of the disaster recovery system,and built a strong barrier to protect network security,so that our te

84、chnological security base was further reinforced.-15-Discussion and AnalysisSituation and ProspectsIn the first half of 2024,Chinas overall economy was generally stable with steady progress,and continued the trend of sustained recovery and growth.The gross domestic product(GDP)of China grew by 5.0%y

85、ear on year.The consumer prices rebounded moderately,with the consumer price index(CPI)rising by 0.1%year on year.With a reasonably ample liquidity,the broad money(M2)amounted to RMB305 trillion,representing an increase of 6.2%year on year,and the aggregate financing to the real economy(flow)amounte

86、d to RMB18.1 trillion.The overall RMB exchange rate remained basically stable at a reasonably balanced level.In the first half of 2024,to deal with complex domestic and international environments,the Chinese government intensified the implementation of macro policies,took preemptive steps to expand

87、domestic demand,bolster confidence and prevent risks,and accelerated the promotion of a number of well-targeted and highly integrated policies and measures.The intensity of proactive fiscal policy was appropriately enhanced and the quality and effectiveness were improved.Initiatives such as supporti

88、ng a new round of large-scale equipment renewals and trade-ins of consumer goods,and issuance of ultra-long-term special treasury bonds were put in place.A combination of a variety of policy tools such as deficits,special-purpose bonds,financial subsidies and interest discounts was applied.As a resu

89、lt,the economic recovery and growth continued to be boosted.The prudent monetary policies were flexible,appropriate,precise and effective.Counter-cyclical adjustments were enhanced.Tools were comprehensively used to maintain reasonably ample liquidity,which included the reserve requirement ratio cut

90、,open market operations,re-lending and re-discounting facilities.The effectiveness of loan prime rate(LPR)reform and the market-based adjustment mechanism for deposit rates continued to be unleashed,promoting that the financing costs for businesses and the borrowing costs for residents remain stable

91、 with a slight decline.In the first half of 2024,Chinas banking industry continuously increased support for the real economy,achieved growth of total assets,maintained generally stable asset quality and remained resilient against risks.As at the end of June 2024,the total assets of Chinese commercia

92、l banks reached RMB370.02 trillion,representing an increase of 7.3%year on year.The non-performing loan ratio was 1.56%,and the allowance to non-performing loans was 209.32%.The capital adequacy ratio reached 15.53%.Looking ahead to the second half of 2024,the stable operation and long-term positive

93、 growth trend of Chinas economy will not change.The Chinese government will intensify macro regulations,strengthen counter-cyclical adjustments,implement proactive fiscal policies and prudent monetary policies,accelerate the comprehensive implementation of established policies and measures,and prepa

94、re in advance and launch a number of incremental policy initiatives when appropriate.-16-The Bank will closely focus on the implementation of the decisions and plans of the third plenary session of the 20th Central Committee of the Communist Party of China,enhance our capacity to serve high-quality

95、development with a reforming spirit,and make contributions to advancing the Chinese modernization through high-quality financial services.Firstly,we will optimise the services for Sannong,which is our primary responsibilities and core business,continue to deepen the reform of the operation mechanism

96、 of the County Area Banking Division,enhance financial services for key areas such as food security and rural industries,consolidate and expand poverty alleviation achievements,and make comprehensive contributions to the integrated urban-rural development.Secondly,we will continue to optimise and st

97、rengthen financial services for the real economy,improve the service system,fully support the construction of major projects,actively serve large-scale equipment renewals and trade-ins of consumer goods,contribute to the construction of a new mode for real estate development,and promote the expansio

98、n and enhancement of the quality of green finance,inclusive finance,and pension finance.Thirdly,we will accelerate the development of the service system adaptive to the development of new quality productive forces,continue to improve specialized policies,products and organization systems,deepen the

99、building of smart bank,and innovatively improve the service quality and efficiency of technology finance.Fourthly,we will consistently take risk prevention as our primary task,improve the comprehensive risk management system,make continuous efforts to precisely resolve the credit risks in key areas

100、such as real estate and local government debts,continuously deepen the reform to lay a solid foundation for credit management,so as to ensure stable asset quality.-17-Financial Statement AnalysisIncome Statement AnalysisIn the first half of 2024,we achieved a net profit of RMB136,494 million,represe

101、nting an increase of RMB2,663 million or 2.0%,as compared to the first half of the previous year.Changes of Significant Income Statement ItemsIn millions of RMB,except for percentagesItemSix months ended 30 June 2024Six months ended 30 June 2023Increase/(decrease)Growth rate(%)Net interest income290

102、,848290,4214270.1Net fee and commission income46,73650,731(3,995)-7.9Other non-interest income29,55624,6424,91419.9Operating income367,140365,7941,3460.4Less:Operating expenses108,679107,6781,0010.9Credit impairment losses100,998102,352(1,354)-1.3Impairment losses on other assets3328517.9Operating p

103、rofit157,430155,7361,6941.1Share of results of associates and joint ventures41233(192)-82.4Profit before tax157,471155,9691,5021.0Less:Income tax expense20,97722,138(1,161)-5.2Net profit136,494133,8312,6632.0Attributable to:Equity holders of the Bank135,892133,2342,6582.0Non-controlling interests602

104、59750.8Net Interest IncomeNet interest income was the largest component of our operating income,accounting for 79.2%of the operating income in the first half of 2024.Our net interest income was RMB290,848 million in the first half of 2024,representing an increase of RMB427 million as compared to the

105、 first half of the previous year,among which,an increase of RMB32,223 million resulted from the increase in volume and a decrease of RMB31,796 million resulted from the changes in interest rates.In the first half of 2024,our net interest margin and net interest spread were 1.45%and 1.30%,representin

106、g a decrease of 21 and 19 basis points as compared to the first half of the previous year,respectively.The year-on-year decreases in net interest margin and net interest spread were primarily due to the decrease in the yield on interest-earning assets as a result of our support for the real economy,

107、the LPR cut,and the overall downward movement of the market interest rates.-18-The table below presents the average balance,interest income/expense,and average yield/cost of interest-earning assets and interest-bearing liabilities.In millions of RMB,except for percentagesItemSix months ended 30 June

108、 2024Six months ended 30 June 2023Average balanceInterest income/expenseAverage yield/cost6(%)Average balanceInterest income/expenseAverage yield/cost6(%)AssetsLoans and advances to customers23,465,528413,6283.5420,938,357401,4313.87Debt securities investments111,531,323176,7003.089,041,431148,8933.

109、32Non-restructuring-related debt securities11,147,107171,9063.108,657,205144,1243.36Restructuring-related debt securities2384,2164,7942.51384,2264,7692.50Balances with central banks2,487,44919,7851.602,459,55819,2051.57Amounts due from banks and other financial institutions32,765,82233,9352.472,864,

110、61231,5522.22 Total interest-earning assets40,250,122644,0483.2235,303,958601,0813.43 Allowance for impairment losses(785,528)(861,033)Non-interest-earning assets1,697,7671,629,347 Total assets41,162,36136,072,272 LiabilitiesDeposits from customers28,960,679244,4271.7026,108,588228,5591.77Amounts du

111、e to banks and other financial institutions44,591,56060,2072.643,335,09441,9492.54Other interest-bearing liabilities53,513,07548,5662.782,866,29140,1522.82 Total interest-bearing liabilities37,065,314353,2001.9232,309,973310,6601.94 Non-interest-bearing liabilities1,224,6731,129,439 Total liabilitie

112、s38,289,98733,439,412 Net interest income290,848290,421Net interest spread1.301.49Net interest margin1.451.66-19-Notes:1.Debt securities investments include debt securities investments at fair value through other comprehensive income and debt securities investments at amortized cost.2.Restructuring-

113、related debt securities include the receivable from the MOF and the special government bonds.3.Amounts due from banks and other financial institutions primarily include deposits with banks and other financial institutions,placements with and loans to banks and other financial institutions and financ

114、ial assets held under resale agreements.4.Amounts due to banks and other financial institutions primarily include deposits from banks and other financial institutions,placements from banks and other financial institutions as well as financial assets sold under repurchase agreements.5.Other interest-

115、bearing liabilities primarily include debt securities issued and borrowings from central banks.6.Annualized figures.The table below presents the changes in net interest income due to changes in volume and interest rate.In millions of RMBItemIncrease/(decrease)due toNet increase/(decrease)VolumeInter

116、est rateAssetsLoans and advances to customers44,547(32,350)12,197Debt securities investments38,154(10,347)27,807Balances with central banks222358580Amounts due from banks and other financial institutions(1,212)3,5952,383Changes in interest income81,711(38,744)42,967LiabilitiesDeposits from customers

117、24,072(8,204)15,868Amounts due to banks and other financial institutions16,4751,78318,258Other interest-bearing liabilities8,941(527)8,414Changes in interest expense49,488(6,948)42,540Changes in net interest income32,223(31,796)427Note:Changes caused by both volume and interest rate have been alloca

118、ted to changes in volume.Interest IncomeWe achieved interest income of RMB644,048 million in the first half of 2024,representing an increase of RMB42,967 million as compared to the first half of the previous year,which was primarily due to an increase of RMB4,946,164 million in the average balance o

119、f interest-earning assets.-20-Interest Income from Loans and Advances to CustomersInterest income from loans and advances to customers increased by RMB12,197 million,or 3.0%,to RMB413,628 million as compared to the first half of the previous year,which was primarily due to an increase in the scale o

120、f loans and advances to customers.The table below presents the average balance,interest income and average yield of loans and advances to customers by business type.In millions of RMB,except for percentagesItemSix months ended 30 June 2024Six months ended 30 June 2023Average balanceInterest incomeAv

121、erage yield1(%)Average balanceInterest incomeAverage yield1(%)Corporate loans13,818,086235,5933.4311,927,106216,8923.67Short-term corporate loans3,679,13961,9643.393,413,72756,9383.36Medium-and long-term corporate loans10,138,947173,6293.448,513,379159,9543.79Discounted bills852,0965,4071.28810,6425

122、,5671.38Retail loans8,381,397162,7163.907,741,712169,2404.41Overseas and others413,9499,9124.82458,8979,7324.28 Total loans and advances to customers23,465,528413,6283.5420,938,357401,4313.87 Note:1.Annualized figures.Interest Income from Debt Securities InvestmentsInterest income from debt securiti

123、es investments was the second largest component of interest income.In the first half of 2024,interest income from debt securities investments increased by RMB27,807 million to RMB176,700 million as compared to the first half of the previous year,which was primarily due to an increase in the scale of

124、 debt securities investments.Interest Income from Balances with Central BanksInterest income from balances with central banks increased by RMB580 million to RMB19,785 million as compared to the first half of the previous year,which was primarily due to an increase in the average yield and scale of b

125、alances with central banks.-21-Interest Income from Amounts Due from Banks and Other Financial InstitutionsInterest income from amounts due from banks and other financial institutions increased by RMB2,383 million to RMB33,935 million as compared to the first half of the previous year,which was prim

126、arily due to an increase in the average yield on amounts due from banks and other financial institutions.Interest ExpenseInterest expense increased by RMB42,540 million to RMB353,200 million as compared to the first half of the previous year,which was mainly due to an increase of RMB4,755,341 millio

127、n in the average balance of interest-bearing liabilities.Interest Expense on Deposits from CustomersInterest expense on deposits from customers increased by RMB15,868 million to RMB244,427 million as compared to the first half of the previous year,which was primarily due to an increase in the scale

128、of deposits from customers.Analysis of Average Cost of Deposits by Product TypeIn millions of RMB,except for percentagesItemSix months ended 30 June 2024Six months ended 30 June 2023Average balanceInterest expenseAverage cost1(%)Average balanceInterest expenseAverage cost1(%)Corporate depositsTime5,

129、788,63572,7112.534,682,34963,8282.75Demand5,617,97131,3121.125,688,29132,4361.15 Sub-Total11,406,606104,0231.8310,370,64096,2641.87 Retail depositsTime10,932,690132,6612.449,444,994124,3602.66Demand6,621,3837,7430.246,292,9547,9350.25 Sub-Total17,554,073140,4041.6115,737,948132,2951.70 Total deposit

130、s from customers28,960,679244,4271.7026,108,588228,5591.77 Note:1.Annualized figures.-22-Interest Expense on Amounts Due to Banks and Other Financial InstitutionsInterest expense on amounts due to banks and other financial institutions increased by RMB18,258 million to RMB60,207 million as compared

131、to the first half of the previous year,primarily due to an increase in the deposits from banks and other financial institutions.Interest Expense on Other Interest-bearing LiabilitiesInterest expense on other interest-bearing liabilities increased by RMB8,414 million to RMB48,566 million as compared

132、to the first half of the previous year,which was primarily due to an increase in the scale of interbank certificates of deposit.Net Fee and Commission IncomeIn the first half of 2024,we generated net fee and commission income of RMB46,736 million,representing a decrease of RMB3,995 million or 7.9%as

133、 compared to the first half of the previous year.In particular,consultancy and advisory fees increased by 6.6%,which was primarily due to an increase in the fee income from syndicated loans;agency commissions decreased by 28.8%,mainly due to a phased reduction in agency insurance income as a result

134、of the requirement that the commission rates reported by insurers to regulators for filing shall be consistent with the actual situation.Composition of Net Fee and Commission IncomeIn millions of RMB,except for percentagesItemSix months ended 30 June 2024Six months ended 30 June 2023Increase/(decrea

135、se)Growth rate(%)Agency commissions9,73813,669(3,931)-28.8Settlement and clearing fees6,2887,139(851)-11.9Bank card fees8,3988,2851131.4Consultancy and advisory fees11,23010,5316996.6Electronic banking service fees14,82214,0138095.8Custodian and other fiduciary service fees2,2372,361(124)-5.3Credit

136、commitment fees7541,321(567)-42.9Others216302(86)-28.5 Fee and commission income53,68357,621(3,938)-6.8Less:Fee and commission expenses6,9476,890570.8 Net fee and commission income46,73650,731(3,995)-7.9 -23-Other Non-interest IncomeIn the first half of 2024,other non-interest income amounted to RMB

137、29,556 million,representing an increase of RMB4,914 million,as compared to the first half of the previous year.In particular,net gain on derecognition of financial assets measured at amortized cost increased by RMB4,065 million,mainly due to the increase in the disposal income of bond investments.Co

138、mposition of Other Non-interest IncomeIn millions of RMBItemSix months ended 30 June 2024Six months ended 30 June 2023Net trading gain15,75815,814Net gain on financial investments11,05410,714Net gain on derecognition of financial assets measured at amortized cost4,300235Other operating expense,net(1

139、,556)(2,121)Total29,55624,642 Operating ExpensesIn the first half of 2024,operating expenses increased by RMB1,001 million to RMB108,679 million as compared to the first half of the previous year;cost-to-income ratio increased by 0.07 percentage point to 27.44%as compared to the first half of the pr

140、evious year.-24-Composition of Operating ExpensesIn millions of RMB,except for percentagesItemSix months ended 30 June 2024Six months ended 30 June 2023Increase/(decrease)Growth rate(%)Staff costs65,69165,5761150.2General operating and administrative expenses23,80024,044(244)-1.0Insurance benefits a

141、nd claims2,9392,8111284.6Depreciation and amortization11,15210,4796736.4Tax and surcharges3,8433,5472968.3Others1,2541,221332.7 Total108,679107,6781,0010.9 Credit Impairment LossesIn the first half of 2024,our credit impairment losses decreased by RMB1,354 million to RMB100,998 million.In particular

142、,impairment losses on loans increased by RMB1,864 million to RMB98,632 million as compared to the first half of the previous year.Income Tax ExpenseIn the first half of 2024,our income tax expense decreased by RMB1,161 million,or 5.2%,to RMB20,977 million as compared to the first half of the previou

143、s year.The effective tax rate was 13.32%,which was lower than the statutory tax rate.This was primarily because the interest income from the PRC treasury bonds and local government bonds held by the Bank was exempted from enterprise income tax by the relevant tax laws.Segment InformationWe assessed

144、our performance and determined the allocation of resources based on the segment reports.Segment information has been presented in the same manner with that of internal management and reporting.At present,we manage our segments from the aspects of business lines,geographical regions and the County Ar

145、ea Banking Business.-25-The table below presents our operating income by business segment during the periods indicated.In millions of RMB,except for percentagesItemSix months ended 30 June 2024Six months ended 30 June 2023Amount Percentage(%)AmountPercentage(%)Corporate banking business152,12341.415

146、1,11841.3Retail banking business203,76955.5195,45853.4Treasury operations1850.17,5432.1Other business11,0633.011,6753.2 Total operating income367,140100.0365,794100.0 The table below presents our operating income by geographic segment during the periods indicated.In millions of RMB,except for percen

147、tagesItemSix months ended 30 June 2024Six months ended 30 June 2023Amount Percentage(%)AmountPercentage(%)Head Office(27,537)(7.5)(26,001)(7.1)Yangtze River Delta92,46825.290,50024.7Pearl River Delta60,65016.562,87217.2Bohai Rim59,34916.257,78515.8Central Region68,61618.767,71818.5Western Region85,7

148、6523.486,09123.5Northeastern Region14,0933.813,7053.7Overseas and others13,7363.713,1243.7 Total operating income367,140100.0365,794100.0 -26-The table below presents our operating income from the County Area Banking Business and Urban Area Banking Business during the periods indicated.In millions o

149、f RMB,except for percentagesItemSix months ended 30 June 2024Six months ended 30 June 2023Amount Percentage(%)AmountPercentage(%)County Area Banking Business182,91249.8179,33449.0Urban Area Banking Business184,22850.2186,46051.0 Total operating income367,140100.0365,794100.0 Balance Sheet AnalysisAs

150、setsAt 30 June 2024,our total assets amounted to RMB41,984,553 million,representing an increase of RMB2,111,564 million,or 5.3%,as compared to the end of the previous year.In particular,net loans and advances to customers increased by RMB1,706,968 million,or 7.9%;financial investments increased by R

151、MB1,639,796 million,or 14.6%;cash and balances with central banks increased by RMB115,258 million,or 3.9%;deposits and placements with and loans to banks and other financial institutions decreased by RMB500,715 million,or 31.4%,which was primarily due to a decrease in cooperative deposits with banks

152、 and other financial institutions;financial assets held under resale agreements decreased by RMB1,069,204 million,or 59.1%,which was primarily due to a decrease in debt securities held under resale agreements.-27-Key Items of AssetsIn millions of RMB,except for percentagesItem30 June 202431 December

153、 2023Amount Percentage(%)AmountPercentage(%)Total loans and advances to customers24,388,70222,614,621Less:Allowance for impairment losses on loans949,968882,855Loans and advances to customers,net23,438,73455.821,731,76654.5Financial investments12,853,50930.611,213,71328.1Cash and balances with centr

154、al banks3,037,3057.22,922,0477.3Deposits and placements with and loans to banks and other financial institutions1,095,5422.61,596,2574.0Financial assets held under resale agreements740,3551.81,809,5594.5Others819,1082.0599,6471.6 Total assets41,984,553100.039,872,989100.0 Loans and Advances to Custo

155、mersAt 30 June 2024,our total loans and advances to customers amounted to RMB24,388,702 million,representing an increase of RMB1,774,081 million,or 7.8%,as compared to the end of the previous year.-28-Distribution of Loans and Advances to Customers by Business TypeIn millions of RMB,except for perce

156、ntagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Domestic loans23,923,78998.322,161,77898.2Corporate loans14,336,72558.912,791,11656.7Discounted bills934,9713.81,310,7475.8Retail loans8,652,09335.68,059,91535.7Overseas and others410,0761.7402,4911.8 Sub-Total24,333,865100

157、.022,564,269100.0Accrued interest54,83750,352 Total24,388,70222,614,621 Distribution of Corporate Loans by MaturityIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Short-term corporate loans3,810,79126.63,310,00525.9Medium-and long-term

158、corporate loans10,525,93473.49,481,11174.1 Total14,336,725100.012,791,116100.0 -29-Distribution of Corporate Loans by Industry1In millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Manufacturing2,522,39017.62,234,93817.6Production and supply

159、of electricity,heating,gas and water1,532,84010.71,412,94411.0Real estate892,2586.2860,7056.7Transportation,storage and postal services2,860,38419.92,674,18420.9Wholesale and retail896,0756.3784,4956.1Water,environment and public utilities management1,297,0929.01,144,2528.9Construction611,1924.3478,

160、2603.7Mining288,8952.0263,7862.1Leasing and commercial services2,416,98216.92,105,40416.5Finance350,3452.4227,7501.8Information transmission,software and IT services111,9110.8101,1430.8Others2556,3613.9503,2553.9 Total14,336,725100.012,791,116100.0 Notes:1.Classification of the loans in the above ta

161、ble is based on the industries in which the borrowers operate.2.Others mainly include agriculture,forestry,animal husbandry,fishery,public health,and social work,etc.At 30 June 2024,the top five major industries for our corporate loans include:(1)transportation,storage and postal services;(2)manufac

162、turing;(3)leasing and commercial services;(4)production and supply of electricity,heating,gas and water;and(5)water,environment and public utilities management.Aggregate loan balance of the top five major industries accounted for 74.1%of our total corporate loans,representing a decrease of 0.8 perce

163、ntage point as compared to the end of the previous year.-30-Distribution of Retail Loans by Product TypeIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Residential mortgage loans5,070,15458.65,170,82264.1Personal consumption loans431,06

164、75.0340,8654.2Loans to private business957,85911.1745,9939.3Credit card balances773,2148.9700,0318.7Huinong E-loan1,404,92216.21,085,25513.5Others14,8770.216,9490.2 Total8,652,093100.08,059,915100.0 At 30 June 2024,retail loans increased by RMB592,178 million or 7.3%as compared to the end of the pre

165、vious year.In particular,personal consumption loans increased by 26.5%as compared to the end of the previous year,primarily because we actively explored consumption scenarios,which improved coverage and convenience of our consumer finance;loans to private business increased by 28.4%as compared to th

166、e end of the previous year,primarily due to the continuous increase in inclusive loans to support the development of inclusive self-employed businesses;credit card balances increased by 10.5%as compared to the end of the previous year,primarily because we fully supported the trade-ins of consumer go

167、ods and continued to enhance the marketing and expansion of credit card installment products to better meet the diversified consumption needs of urban and rural residents;Huinong E-loan increased by 29.5%as compared to the end of the previous year,primarily because we increased credit support in key

168、 areas such as food security and rural industries,and strengthened technological empowerment to effectively enhance the convenience of financial services for farmers.-31-Distribution of Loans and Advances to Customers by Geographic RegionIn millions of RMB,except for percentagesItem30 June 202431 De

169、cember 2023Amount Percentage(%)AmountPercentage(%)Head Office679,7352.8559,7352.5Yangtze River Delta5,994,12324.65,538,28324.5Pearl River Delta3,860,49015.93,682,22616.3Bohai Rim3,342,77513.73,142,45713.9Central Region3,995,75616.43,620,51716.1Northeastern Region750,4693.1704,5253.1Western Region5,3

170、00,44121.84,914,03521.8Overseas and others410,0761.7402,4911.8 Sub-Total24,333,865100.022,564,269100.0Accrued interest54,83750,352 Total24,388,70222,614,621 Financial InvestmentsAt 30 June 2024,our financial investments amounted to RMB12,853,509 million,representing an increase of RMB1,639,796 milli

171、on or 14.6%as compared to the end of the previous year.In particular,investments in non-restructuring-related debt securities increased by RMB1,627,136 million as compared to the end of the previous year,mainly due to the increase in the investment in government bonds.-32-Distribution of Financial I

172、nvestments by Product TypeIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Non-restructuring-related debt securities12,059,70395.210,432,56794.4Restructuring-related debt securities384,2183.0384,2173.5Equity instruments132,5741.0130,2771

173、.2Others99,2650.898,8040.9 Sub-Total12,675,760100.011,045,865100.0Accrued interest177,749167,848 Total12,853,50911,213,713 Distribution of Non-restructuring-related Debt Securities Investments by IssuerIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)Amoun

174、tPercentage(%)Government bonds8,030,73666.76,847,27865.7Bonds issued by policy banks1,885,26215.62,069,69319.8Bonds issued by banks and other financial institutions1,703,96614.11,088,50110.4Bonds issued by entities in public sectors246,6212.0226,6572.2Corporate bonds193,1181.6200,4381.9 Total12,059,

175、703100.010,432,567100.0 -33-Distribution of Non-restructuring-related Debt Securities Investments by Remaining MaturityIn millions of RMB,except for percentagesRemaining Maturity30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Overdue1717Less than 3 months866,8887.2607,6645.83-12 m

176、onths1,784,48714.81,203,31511.51-5 years3,576,36429.73,070,28429.4Over 5 years5,831,94748.35,551,28753.3 Total12,059,703100.010,432,567100.0 Distribution of Non-restructuring-related Debt Securities Investments by CurrencyIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amoun

177、t Percentage(%)AmountPercentage(%)RMB11,637,53896.59,959,03495.5USD347,2062.9378,9643.6Other foreign currencies74,9590.694,5690.9 Total12,059,703100.010,432,567100.0 -34-Distribution of Financial Investments by Business Models and Characteristics of Contractual Cash FlowsIn millions of RMB,except fo

178、r percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Financial assets at fair value through profit or loss480,3913.8547,4075.0Debt investments at amortized cost8,883,90270.18,312,46775.2Other debt instruments and other equity investments at fair value through other com

179、prehensive income3,311,46726.12,185,99119.8 Sub-Total12,675,760100.011,045,865100.0Accrued interest177,749167,848 Total12,853,50911,213,713 Investment in Financial BondsFinancial bonds refer to securities issued by policy banks,banks and other financial institutions,the principals and interests of w

180、hich are to be repaid pursuant to a pre-determined schedule.At 30 June 2024,the balance of financial bonds held by the Bank was RMB3,589,228 million,including bonds of RMB1,885,262 million issued by policy banks and bonds of RMB1,703,966 million issued by banks and other financial institutions.The t

181、able below presents the top ten financial bonds held by the Bank in terms of face value at 30 June 2024.In millions of RMB,except for percentagesBondFace valueAnnual interest rateMaturity dateAllowance12022 policy bank bond71,3723.18%2032-03-112021 policy bank bond50,9513.38%2031-07-162020 policy ba

182、nk bond49,3813.74%2030-11-162020 policy bank bond46,9803.79%2030-10-262021 policy bank bond46,6913.30%2031-11-052022 policy bank bond42,1542.90%2032-08-192021 policy bank bond41,6883.52%2031-05-242021 policy bank bond40,5613.22%2026-05-142022 policy bank bond38,3503.06%2032-06-062023 policy bank bon

183、d38,2603.10%2033-02-13Note:1.Allowance in this table refers to allowance for impairment losses in stage II and stage III,not including allowance for impairment losses in stage I.-35-LiabilitiesAt 30 June 2024,our total liabilities amounted to RMB38,928,090 million,representing an increase of RMB1,95

184、1,968 million,or 5.3%,as compared to the end of the previous year.In particular,deposits from customers increased by RMB560,742 million,or 1.9%.The deposits and placements from banks and other financial institutions increased by RMB1,027,926 million,or 25.5%,mainly due to an increase in deposits fro

185、m banks and other financial institutions.The financial assets sold under repurchase agreements increased by RMB13,805 million,or 13.7%.The debt securities issued increased by RMB284,104 million,or 12.4%,mainly due to an increase in the issuance volume of interbank certificates of deposit.Key Items o

186、f LiabilitiesIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Deposits from customers29,459,21075.728,898,46878.2Deposits and placements from banks and other financial institutions5,063,71313.04,035,78710.9Financial assets sold under rep

187、urchase agreements114,3260.3100,5210.3Debt securities issued2,580,0256.62,295,9216.2Other liabilities1,710,8164.41,645,4254.4 Total liabilities38,928,090100.036,976,122100.0 Deposits from CustomersAt 30 June 2024,the balance of deposits from customers of the Bank amounted to RMB29,459,210 million,re

188、presenting an increase of RMB560,742 million,or 1.9%,as compared to the end of the previous year.In terms of customer structure,the proportion of retail deposits increased by 1.2 percentage points to 61.4%as compared to the end of previous year.In terms of maturity structure,the proportion of demand

189、 deposits decreased by 1.9 percentage points to 41.0%as compared to the end of previous year.-36-Distribution of Deposits from Customers by Business TypeIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Domestic deposits28,838,42999.428,2

190、99,68799.5Corporate deposits10,311,82735.610,477,28636.8Time5,017,25617.34,950,36217.4Demand5,294,57118.35,526,92419.4Retail deposits17,844,26861.417,109,71160.2Time11,223,45438.710,444,61136.7Demand6,620,81422.76,665,10023.5Other deposits1682,3342.4712,6902.5Overseas and others161,8340.6139,6080.5

191、Sub-Total29,000,263100.028,439,295100.0Accrued interest458,947459,173 Total29,459,21028,898,468 Note:1.Including margin deposits,remittance payables and outward remittance.Distribution of Deposits from Customers by Geographic RegionIn millions of RMB,except for percentagesItem30 June 202431 December

192、 2023Amount Percentage(%)AmountPercentage(%)Head Office78,7610.363,0450.2Yangtze River Delta6,990,68524.16,984,64124.6Pearl River Delta4,164,52014.44,275,20415.0Bohai Rim5,101,07917.64,957,85517.4Central Region5,070,99117.44,768,00816.8Northeastern Region1,447,5825.01,416,1785.0Western Region5,984,8

193、1120.65,834,75620.5Overseas and others161,8340.6139,6080.5 Sub-Total29,000,263100.028,439,295100.0Accrued interest458,947459,173 Total29,459,21028,898,468 -37-Distribution of Deposits from Customers by Remaining MaturityIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount

194、Percentage(%)AmountPercentage(%)Demand12,984,34644.714,135,87249.7Less than 3 months2,386,2938.22,618,9909.23-12 months6,026,96520.84,445,28415.61-5 years7,584,24826.27,231,50625.4Over 5 years18,4110.17,6430.1 Sub-Total29,000,263100.028,439,295100.0Accrued interest458,947459,173 Total29,459,21028,89

195、8,468 Shareholders EquityAt 30 June 2024,our shareholders equity amounted to RMB3,056,463 million,representing an increase of RMB159,596 million,as compared to the end of the previous year.Net assets per ordinary share were RMB7.06,representing an increase of RMB0.18 as compared to the end of the pr

196、evious year.Composition of Shareholders EquityIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Ordinary shares349,98311.5349,98312.1Other equity instruments580,00019.0480,00016.6Capital reserve173,4235.7173,4256.0Surplus reserve273,9479.

197、0273,5589.4General reserve532,45817.4456,20015.7Retained earnings1,086,39435.51,114,57638.5Other comprehensive income53,5731.741,5061.4Non-controlling interests6,6850.27,6190.3 Total3,056,463100.02,896,867100.0 -38-Off-balance Sheet ItemsOff-balance sheet items primarily include derivative financial

198、 instruments,contingent liabilities and commitments.The Bank enters into derivative transactions related to exchange rates,interest rates and precious metals for the purposes of trading,assets and liabilities management and business on behalf of customers.The Banks contingent liabilities and commitm

199、ents include credit commitments,capital expenditure commitments,bond underwriting and redemption commitments,mortgaged and pledged assets,legal proceedings and other contingencies.Credit commitments are the major components of off-balance sheet items and comprise loan commitments,bank acceptances,le

200、tters of guarantee and guarantees,letters of credit and credit card commitments.Composition of Credit CommitmentsIn millions of RMB,except for percentagesItem30 June 202431 December 2023Amount Percentage(%)AmountPercentage(%)Loan commitments265,15110.5365,84712.8Bank acceptances786,71531.11,024,1503

201、5.8Letters of guarantee and guarantees389,50615.3373,91513.1Letters of credit229,7989.1218,8247.7Credit card commitments861,48034.0873,02930.6 Total2,532,650100.02,855,765100.0 Other Financial InformationChanges in Accounting PoliciesThere were no significant changes in accounting policies during th

202、e reporting period.Differences between the Consolidated Financial Statements Prepared under IFRSs and those Prepared under CASsThere were no differences in the net profit or shareholders equity between the Consolidated Interim Financial Statements of the Bank prepared under IFRSs and the correspondi

203、ng figures prepared in accordance with CASs.-39-Other Financial IndicatorsRegulatory Standard30 June 202431 December 202331 December 2022Liquidity ratio1(%)RMB2580.3575.4264.21Foreign currency25151.52182.67235.12Percentage of loans to the largest single customer2(%)102.231.992.59Percentage of loans

204、to the top ten customers3(%)13.5512.0213.54Loan migration ratio4(%)Normal1.471.391.30Special mention28.5123.8525.77Substandard64.7035.4546.35Doubtful27.8617.296.03Notes:1.Calculated by dividing current assets by current liabilities in accordance with the relevant regulations of the NFRA.2.Calculated

205、 by dividing total loans to the largest single customer(excluding accrued interest)by net capital.3.Calculated by dividing total loans to the top ten customers(excluding accrued interest)by net capital.4.The data at 30 June 2024 was annualized.-40-Business ReviewFive PrioritiesWe thoroughly implemen

206、ted the decisions and plans of the CPC Central Committee and the State Council,comprehensively implemented the guiding principles of the Central Financial Work Conference,and developed a follow-up implementation plan to carry out the guiding principles of the Central Financial Work Conference.We pro

207、vided high-quality financial services to promote high-quality development of the economy and society,made solid headway in the“Five Priorities”(technology finance,green finance,inclusive finance,pension finance and digital finance),adhered to our role as the national team and main force serving all-

208、round rural revitalization and a major bank serving the real economy.We gradually improved the service system of technology finance,increasingly enriched service models of green finance,continuously improved the quality and efficiency of service in inclusive finance,accelerated the development of pe

209、nsion finance,and steadily enhanced the service capabilities of digital finance.Technology FinanceWe actively innovated financial products and service mechanisms to provide more effective financial resources for technological innovation.With a focus on national scientific and technological strategie

210、s and layouts,we accelerated the establishment and continuously improved a three-tiered and multi-dimensional professional service network comprising“Service Center for Technology Finance Technology Finance Division or Specialized Team Professional Sub-branch for Technology Finance”.In view of the c

211、haracteristics of science and technology enterprises,such as high technology,strong innovation capability,light assets and high risks,we established and continuously optimized the exclusive credit service system,and matched the differentiated credit support policies.We created a full life cycle prod

212、uct matrix and actively researched and developed exclusive credit products,striving to achieve full coverage of the life cycle,the credit demands and the typical customer groups.We innovatively launched the Emerging Industries Empowerment Loan,explored the business model of“loans+external direct inv

213、estments”,and cultivated an ecosystem for technology finance that connects“governments,financial institutions and enterprises;industries,universities and research institutes;and investments,services and innovations”.As at the end of June 2024,the balance of loans to strategic emerging industries rea

214、ched RMB2.63 trillion.Green FinanceWe identified green finance as one of our three major strategies.We continuously improved the governance structure,service system and risk control mechanism tailored for the requirements of eco-civilization construction and green and low-carbon development,to promo

215、te the high-quality development of green finance.We refined our multi-tiered policy system,continued to incorporate the requirements of green and low-carbon development into our credit policies and guidelines,and optimized industrial credit policies,to guide the investment of green funds.We improved

216、 the mechanism for the pool of major green finance projects,focused on key areas including clean energy,green upgrading of infrastructure,and energy conservation and environmental protection,and increased the supply of-41-green credit.We actively underwrote the issuance of green bonds,carried out gr

217、een bond investment,deepened our cooperation with the National Green Development Fund,and innovated ESG-themed wealth management products,to improve our multi-tiered and multi-dimensional green finance service system.As at the end of June 2024,the balance of green credit exceeded RMB4.8 trillion.Inc

218、lusive FinanceWe comprehensively implemented the rural and inclusive finance strategy,and promoted the high-quality development of inclusive finance.We strengthened and improved the inclusive finance service system propelled by“County Area Banking Division+Inclusive Finance Division”with our own fea

219、tures,and refined the long-term effective mechanisms to maintain the courage,willingness,ability and expertise in granting loans,to enhance the quality and efficiency of service in inclusive finance.Focusing on small and micro enterprises,agriculture-related business entities and targeted groups in

220、need,we increased credit supply,and continued to boost inclusive loans in both quantities and coverage.We strengthened technological empowerment,improved“Small and Micro E-loan”,our online product system,in an innovative manner,and iteratively upgraded“Inclusive E-station”,our online service channel

221、,to provide broad inclusive customer groups with professional,differentiated and convenient financial services.As at the end of June 2024,the balance of loans to inclusive finance was RMB4.51 trillion and the balance of inclusive loans to small and micro enterprises was RMB3.06 trillion,providing cr

222、edit support for 4.43 million small and micro enterprises.Pension FinanceBased on customers full life cycle,we made a prospective and systematic layout,leveraged the synergy and collaboration of the Group,and offered differentiated products and comprehensive services for two major customer groups of

223、 elderly customers and customers preparing for elderly life,to build a bank featuring pension finance.We supported the building of a multi-tiered and multi-pillared pension system.As at the end of June 2024,the number of users of social security cards,electronic social security cards and medical ins

224、urance QR codes amounted to 272 million,143 million and 72.01 million,respectively,all holding a leading position among peers.We achieved steady growth in the number of annuity customers and the scale of annuity business,and ranked among the top in the industry in terms of the number of personal pen

225、sion accounts and cumulative contributions.We optimized pension service finance,and enhanced age-friendly services in our outlets.As at the end of June 2024,we completed the age-friendly transformation at over 20 thousand outlets.We increased financial support for the pension industry,and gradually

226、established a diversified financial service system including credit,investment and leasing for the pension industry.Digital FinanceWe continued to deepen digital transformation,accelerated the building of a new smart banking model led by technology,empowered by data and based on digitalization to co

227、ntinuously improve the quality and efficiency of services in digital finance.We refined the features of“ABC Huinong Cloud”,our-42-digital platform targeting rural areas,expanded the financial scenarios in key fields such as agriculture-related scenarios and smart parks in an orderly manner,and enric

228、hed the services of mobile banking in high-frequency scenarios such as campuses,healthcare and travel,to continuously refine our ecosystem of financial digital services.We improved the online“ABC E-loan”product system,promoted the innovation of products such as“Huinong E-loan”and“Huinong Internet Lo

229、an”,and further optimized the processes of loans,making financial services much more diversified,inclusive and accessible.We continued to accumulate high-quality data assets,deepened the application of label centers,decision engines and other data services,and efficiently advanced work in key areas

230、including the construction of distributed core architecture,disaster recovery projects,and network and information security,further reinforcing data and technology support.As at the end of June 2024,the balance of“ABC E-loan”exceeded RMB5.1 trillion,including over RMB1.4 trillion in the balance of“H

231、uinong E-loan”,and the number of our monthly active users of retail mobile banking amounted to 231 million.Corporate BankingDuring the reporting period,we adhered to the positioning of“a major bank serving the real economy”,took the initiative to integrate into national strategies,and had a profound

232、 insight into new quality productive forces.We made solid headway in the“Five Priorities”,and increased credit supply to key areas and weak links of the national economy.We further advanced the digitalization,and optimized operation and service systems in online and offline scenarios.Being customer-

233、centric,we improved our comprehensive financial service capability and customer satisfaction focusing on customers diversified financial needs,so as to promote the high-quality development of our corporate banking business.As at the end of June 2024,the balance of domestic corporate loans and discou

234、nted bills amounted to RMB15,271,696 million.In the first half of 2024,the average daily balance of domestic corporate deposits(including insurance companies)amounted to RMB11.9 trillion,ranking first in banking industry in terms of the increment.As at the end of June 2024,we had 11,566.2 thousand c

235、orporate banking customers,among which 600.9 thousand customers had outstanding loan balances,representing an increase of 78.6 thousand customers as compared to the end of the previous year.We implemented the national strategy of building a manufacturing powerhouse.Focusing on the key tasks of new i

236、ndustrialization,we strengthened policy support and resource guarantee,optimized financial products and service models,increased financial supply for advanced manufacturing,industrial transformation and upgrading,industrial green development,industrial chain and supply chain and other fields,and act

237、ively supported enterprises equipment renewals and technological updates.As at the end of June 2024,the balance of loans granted to the manufacturing industry(based on the distribution of loans)exceeded RMB3.2 trillion.Among them,the balance of medium-and long-term loans granted to the manufacturing

238、 industry reached RMB1.41 trillion,representing an increase of RMB199.0 billion or 16.4%as compared to the end of the previous year,while the loans granted to high-tech manufacturing industries such as electronics and communication equipment,computer,pharmaceutical and aerospace equipment increased

239、by RMB58.1 billion as compared to the end of the previous year.-43-We served national strategies of regional development.We took advantage of our omni-channel,full range of products and multiple licenses to comprehensively serve national strategies of regional development,such as Coordinated Develop

240、ment of the Beijing-Tianjin-Hebei Region,Integrated Development of the Yangtze River Delta,Guangdong-Hong Kong-Macao Greater Bay Area and Chengdu-Chongqing Economic Circle,with an increase of RMB785.5 billion in loans to corporate customers in the first half of 2024.We supported the development of p

241、rivate enterprises.We strengthened policy support and allocated special credit resources to actively meet the financing needs of private enterprises in areas such as technological innovation,green and low-carbon development,and projects for upgrading foundational industrial infrastructure,and suppor

242、ted private enterprises to participate in high-quality private investment projects under the investment-lending linkage mechanism of National Development and Reform Commission.As at the end of June 2024,the balance of loans granted to private enterprises was RMB6.24 trillion,representing an increase

243、 of RMB786.7 billion or 14.4%as compared to the end of the previous year.We promoted digital transformation.We continuously promoted the construction of corporate customers marketing management system.We iteratively updated a series of digital marketing management tools focusing on targeted chain ma

244、rketing,business opportunity management,value enhancement of key corporate customer groups,and intelligent customer management.We accelerated the layout of scenarios in government,transportation,tourism,pension and consumption finance,and continued to enrich the application of online credit,transact

245、ion banking and other products.Transaction BankingWe continued to improve the transaction banking system based on accounts and payment settlement.With the focus on key areas,industries and customers,we strengthened product innovation,accelerated online penetration,deepened differentiated integrated

246、marketing,and increased traffic through scenarios,to facilitate the high-quality development of transaction banking business.We deepened the technological empowerment,strengthened online-offline synergy,and constantly optimized the corporate account opening process.In response to the new business mo

247、dalities and demands of the market,we innovated a new model of“account-opening service at any outlet nationwide”for systematic and group customers,in an effort to improve corporate account service capabilities.As at the end of June 2024,we had 14,178.2 thousand corporate RMB-denominated settlement a

248、ccounts,with the RMB-denominated corporate settlement transaction volume of RMB464.18 trillion in the first half of 2024.We continued to innovate the“ABC Treasury Reach”treasury product lineup.We launched the“ABC Treasury Reach”mobile treasury service to assist enterprises in improving management an

249、d operation efficiency.We strengthened the comprehensive service capability of“Bill Connect”and developed whole-chain and intelligent bill service.We created a new model of bank-enterprise direct link,achieving efficient connections between the Bank and enterprises.As at the end of June 2024,the Ban

250、k had 3,614.8 thousand active transaction banking customers.-44-Institutional BankingAdhering to the customers-centered principle,we promoted the smart scenarios construction,and improved the customer service efficiency to promote the high-quality development of institutional banking.As at the end o

251、f June 2024,we had 725.5 thousand institutional banking customers,representing an increase of 38.1 thousand customers as compared to the end of the previous year.In terms of financial services to the governments,we deepened the intelligent services for government affairs,and promoted the extension o

252、f them to County Areas and foundation-level governments.The independently developed“Smart County”platform has been launched and taken effect in 630 counties of 31 provinces(including autonomous regions and municipalities directly under the central government)to help improve the efficiency of the cou

253、nty-level governments performance of duties,optimize the business environment,and render public services.In terms of fiscal and social security,we provided high-quality and efficient financial services for central and local budgetary entities.For two consecutive years,we ranked first in the correspo

254、ndent banks of centralized payment for the central treasury of the MOF and in the special evaluation of the medical insurance QR codes operation channels of the National Healthcare Security Administration.We were also awarded excellent correspondent bank for central non-tax revenue collection by the

255、 MOF for 14 consecutive years.In terms of services to peoples livelihood,we cooperated with over 32 thousand schools on our smart campus,and over 6.3 thousand hospitals on our smart hospital.In terms of services to financial institutions,the contracted customers for third-party depository services e

256、xceeded 77.72 million,representing an increase of 5.13 million as compared to the end of the previous year.Investment BankingPersisting in serving the real economy,we continued to improve the“financing+advisory”and“commercial banking+investment banking”service solutions to meet the diversified finan

257、cing needs of customers.In the first half of 2024,the income from our investment banking business was RMB10,084 million.We enhanced product innovation to serve the diversified financing needs of customers.We deeply cultivated the service scenarios of syndicated loans and M&A loans to meet large-scal

258、e financing needs in key areas such as infrastructure construction and emerging industries,with the balance of syndicated loans reaching RMB2.98 trillion.We served the integration of industrial chain and the high-quality development of listed companies,with the balance of M&A loans exceeding RMB230.

259、0 billion.We underwrote the first equity asset-backed debt financing instrument as well as the first batch of bonds for large-scale equipment renewals and trade-ins of consumer goods in the market,to facilitate investment and construction,and technological upgrading in key areas.-45-We sped up digit

260、al transformation and improved the quality and efficiency of investment banking services.We rolled out the ABC SISON(Version 2.0),upgraded access path,improved online interactive experience,and extended core functions.We introduced the“Inclusive Zone”function to provide one-stop free online integrat

261、ed advisory services for inclusive users.Retail BankingWe continued to deepen the development strategy of“One Main Body with Two Wings”for retail banking(namely,customer construction as the main body,unswervingly promoting“broad wealth management”and digital transformation as the two wings).Driven b

262、y innovation,technology and services,we improved our capability to provide refined services to customers,strengthened“broad wealth management”and digital transformation,to upgrade the driving force and engine of the high-quality development of retail banking.We continued to increase supply of retail

263、 loans to meet the diverse financing demands of residents.We enhanced financial supply in the fields related to peoples livelihoods,including pension,rural revitalization and new urban residents,expanded the boundary of our services,and delivered more considerate services.We took the first place in

264、the ranking of the Global Retail Banking Brands for three consecutive years.Customer ManagementBased on differentiated customer demands,we followed the strategy of classifying customers by layers and groups,integrated online and offline service channels to further refine customer services.As at the

265、end of June 2024,the total number of our retail banking customers reached 871 million,maintaining the first in banking industry.We deeply proceeded with the integration and complementation between 7-star-level customer services and the management of“6+N”customer groups(six major customer groups and

266、N featured customer groups),to meet both the financial and non-financial demands of customers.We continued to deepen technological empowerment,advanced the construction and application of channels such as WeCom and smart outbound calls,created diverse financial scenarios for customers on mobile bank

267、ing,and leveraged AI to empower the whole process of online services,which enabled us to identify customers more precisely,provide more suitable products and services and make more intelligent and convenient experience to customers.We actively transformed offline service models,proactively expanded

268、the boundary of services,and delivered high-quality products and services to customers through tools like“Full-scenario Marketing Service Platform for Rural Revitalization”and“Into Enterprise Application”.We provided services for new urban residents,built featured outlets,and promoted exclusive prod

269、ucts such as the Delivery Driver Card and Small and Micro Businesses Card,taking a leading position in the market in terms of the issuance volume.-46-Broad Wealth ManagementWe developed broad wealth management based on the philosophy of platformization,specialization,comprehensiveness and inclusiven

270、ess,aiming to serve as a wealth manager for customers and a major driver of industrial development.As at the end of June 2024,the asset under management of our retail banking customers reached RMB21.18 trillion,ranking among the top in banking industry.In the first half of 2024,the average daily bal

271、ance of domestic retail deposits amounted to RMB17.5 trillion,ranking first in banking industry in terms of the increment.We leveraged our platform advantages,pursued extensive collaboration with wealth management institutions both inside and outside the Group to connect with more customers with qua

272、lity services.We built a multi-tiered investment research team that covered the Head Office,branches and outlets to establish stronger professional forces in areas such as market insight,institutional cooperation,product screening and customer services.We vigorously promoted asset allocation,and com

273、prehensively provided wealth growth solutions of“deposits+wealth management+other products/services”based on customers demands and risk appetites,to accompany customers in wealth growth and through economic cycles.We actively optimized products deployment,lowered the threshold for wealth investment,

274、and promoted products such as“Low Volatility”wealth management product,exclusive commercial pension insurance,bond funds and low-price precious metal products to make wealth management services accessible to more customers.Retail LoansAdhering to the people-centered philosophy and focusing on benefi

275、ting peoples livelihood and serving the high-quality development of the real economy,we further increased supply of retail loans.As at the end of June 2024,the balance of domestic retail loans was RMB8,652,093 million,representing an increase of RMB592,178 million as compared to the end of the previ

276、ous year,taking a leading position in banking industry.We resolutely implemented policies of financial support for real estate,actively adapted to the new changes in the supply-demand relationship in the real estate market,and facilitated the steady and healthy development of the real estate market.

277、In the first half of 2024,we granted retail residential mortgage loans of RMB309.6 billion.We served for“expanding domestic demand,stimulating consumption and benefiting peoples livelihood”,improved consumer financial services,and further increased marketing and supply of personal consumption loans.

278、As at the end of June 2024,the balance of personal consumption loans,including credit card loans,amounted to RMB1.20 trillion,representing an increase of RMB163.4 billion as compared to the end of the previous year.-47-We made persistent efforts on inclusive finance,optimized our credit products,pre

279、cisely implemented differentiated policies,and increased credit support for the key areas and weak links such as wholesale and retail,agriculture,forestry,animal husbandry and fishery,and logistics and transport.As at the end of June 2024,the balance of loans to private business,including Huinong E-

280、loan,amounted to RMB2.36 trillion,representing an increase of RMB531.5 billion as compared to the end of the previous year.Bank Card Business We sped up the digital transformation and innovation of the debit card business,and launched the customized debit card service.We carried out consumption prom

281、otions targeting daily life scenarios such as vehicle refueling and supermarket shopping.We constantly implemented various policies of fee reduction and interest concession.As at the end of June 2024,we had 1,096 million existing debit cards.We optimized the credit card product lines,and launched pr

282、oducts such as UnionPay Zunran Platinum Card,MasterCard Global Payment Platinum Card and Visa Global Payment Platinum Card(Olympic Version).We enhanced penetration into key customer groups,laid out in culture and tourism scenarios and online scenarios,and refined the management of credit card custom

283、er groups.We increased the supply of consumption loans,and carried out marketing and services with the theme of trade-ins of goods in key consumption scenarios such as automobiles,home decoration and appliances,and mobile phones and digital products.We also organized special marketing activities suc

284、h as“One Thousand Cities and Ten Thousand Stores:ABC Automobile Festival”and“ABC Home Decoration Festival”.We advanced the spending on new energy vehicles in rural areas,and innovated and promoted the instalment products for benefiting farmers.In the first half of 2024,the transaction volume of cred

285、it cards amounted to RMB1,113.0 billion,representing a year-on-year increase of 3.3%.Private Banking Business We improved the pyramid-type professional service system,carried out benchmark construction of private banking center led by 100 private banking centers at Head Office level and 100 private

286、banking centers at branch level,covering all key cities nationwide.We promoted the establishment of sub-branch level wealth management centers to lower-tiered regions.The number of private banking customers in counties increased by 12%as compared to the end of the previous year,and the assets under

287、management of private banking customers in counties exceeded RMB1 trillion.We cultivated core talents of private banking business represented by private bankers and top wealth management advisors,and improved the professional service capability of our wealth management advisory team.We made efforts

288、to build an integrated financial service ecosystem for private banking customers families and enterprises,with the increase in the scale of family trusts exceeding RMB20.0 billion.We provided services with synergies between corporate and retail business for micro,small and medium-sized enterprises,i

289、ncluding specialized and sophisticated enterprises that produce new and unique products,and acquired nearly 10 thousand new private-48-banking customers who were entrepreneurs.We continued to improve public welfare financial services,and launched the charitable trust activity themed“Charity Journey”

290、.The private banking public welfare trusts have benefited 17 thousand people accumulatively.As at the end of June 2024,the number of our private banking customers reached 247.5 thousand and the balance of assets under management amounted to RMB2.85 trillion.Treasury OperationsTreasury operations of

291、the Bank include money market activities and investment portfolio management.We adhered to serving the high-quality development of real economy and supporting the green and low-carbon development.We flexibly adjusted investment strategies on the basis of ensuring the security of bank-wide liquidity.

292、Our investment return on assets remained at a relatively high level among peers.Money Market Activities We strengthened the research on monetary policies and forecasts of market liquidity,comprehensively used financing instruments such as placement and lending,repurchases,certificates of deposit and

293、 deposits and optimized the allocation structure of short-term assets to improve the efficiency of fund utilization on the basis of ensuring the security of our liquidity.We effectively fulfilled the responsibilities as a primary dealer of open market operations,and efficiently assisted in the trans

294、mission of prudent monetary policies.In the first half of 2024,the volume of our RMB-denominated financing transactions amounted to RMB106.99 trillion.Investment Portfolio ManagementAs at 30 June 2024,our financial investments amounted to RMB12,853,509 million,representing an increase of RMB1,639,79

295、6 million or 14.6%as compared to the end of the previous year.Trading Book Activities We continuously improved the share of the bond market-making business in the interbank market.We put more efforts into the market-making quotation in the interbank bond market,with steady growth in the number of ma

296、rket-making quotations and trading volume of bonds such as green bonds,rural revitalization bonds and small and micro bonds.We actively contributed to the opening-up of the bond market,and our Bond Connect business maintained a leading position in the market.We dynamically adjusted the bond trading

297、portfolio.In the first half of 2024,the yields of domestic bond market slid down with fluctuation.Considering the market trend,we flexibly adjusted the positions of portfolio,and improved the portfolio profitability while strictly controlling the impact of market volatility.-49-Banking Book Activiti

298、es We optimized investment strategies in the context of declining market interest rates,and rationalized the investment pace comprehensively considering both the trends in the bond market and the needs of portfolio management.We coordinated asset returns and risk prevention and control to enhance th

299、e quality and effectiveness of investment operations.We maintained our investment in government bonds and optimized the investment structure of credit bonds.We invested in ultra-long special treasury bonds and increased the positions of government bonds to support major national strategies and the c

300、onstruction of security capacities in key areas,and to facilitate the construction in transportation,industrial parks and other infrastructure sectors.The scale of investments in local government bonds and national bonds maintained a leading position among peers.Aiming to serve the high-quality deve

301、lopment of the real economy,we actively invested in credit bonds,and supported the financing needs of green industries and strategic emerging industries such as new infrastructure construction and new energy.Asset ManagementWealth ManagementAs at the end of June 2024,the balance of the Groups wealth

302、 management products reached RMB1,802,475 million,of which RMB74,812 million was generated from the Bank and RMB1,727,663 million was generated from ABC Wealth Management.Wealth Management Products of the BankDuring the reporting period,all of the existing wealth management products of the Bank were

303、 non-principal guaranteed and publicly offered wealth management products.As at the end of June 2024,the balance of our wealth management products amounted to RMB74,812 million,representing a decrease of RMB23,178 million as compared to the end of the previous year.The table below presents the issua

304、nce,maturity and existence of wealth management products of the BankIn 100 million of RMB,except for tranchesItem31 December 2023IssuanceMaturity30 June 2024TrancheAmountTrancheAmountTrancheAmountTrancheAmountNon-principal guaranteed wealth management9979.901,159.0211,404.208748.12Note:The amount of

305、 maturity included redemption and maturity amount of wealth management products during the reporting period;net worth wealth management products were measured at net assets.-50-The table below presents the balances of direct and indirect investment assets under the Banks wealth management businessIn

306、 100 million of RMB,except for percentagesItem30 June 2024AmountPercentage(%)Cash,deposits and interbank certificates of deposit108.3012.3Debt securities344.3339.1Non-standard debt-based assets278.0831.6Other assets149.9717.0 Total880.68100.0 Wealth Management Products of ABC Wealth ManagementAs at

307、the end of June 2024,the balance of the wealth management products of ABC Wealth Management amounted to RMB1,727,663 million.These were all net worth wealth management products,among which publicly offered wealth management products accounted for 96.5%while privately offered wealth management produc

308、ts accounted for 3.5%.Custody Service We successfully marketed over 130 industrial funds,with more than 1,000 industrial funds under custody,and achieved two publicly offered REITs under custody.We newly won the bids for 18 individual enterprise annuity plans,marketed a number of semi-annuity custod

309、y projects,and the scale of pension target funds under custody maintained a leading position in the market.The scale of insurance under custody exceeded RMB7 trillion,the scale of publicly offered funds under custody increased by RMB248.6 billion and the scale of bank wealth management products unde

310、r custody increased by RMB266.3 billion as compared to the end of the previous year.The competitiveness of our key products achieved new improvement.We were awarded the“Excellent ETF Custodian”of the Yinghua Award by China Fund.As at the end of June 2024,our assets under custody amounted to RMB16,63

311、3,807 million,representing an increase of 10.8%as compared to the end of the previous year.Precious Metals In the first half of 2024,we traded 3,059.62 tons of gold and 7,574.79 tons of silver for our own account as well as on behalf of customers,and maintained a leading position in the industry in

312、terms of transaction volume.-51-We steadily developed the precious metals leasing and lending business,and further increased support for quality enterprises producing or using gold.We actively met the gold stocking needs of jewelry enterprises,and greatly supported the high-quality development of gr

313、een mining enterprises.Treasury Transactions on Behalf of Customers We continuously promoted the popularization of the concept of exchange rate risk neutrality,and provided enterprises with forwards,swaps,option products and other exchange rate hedging products,to help improve the quality and stabil

314、ize the volume of foreign trade.In the first half of 2024,the transaction volume of foreign exchange sales and settlements as well as foreign exchange trading on behalf of customers amounted to USD265,328 million.We steadily developed the counter bond(Zhaishibao)business.In the first half of 2024,th

315、e amount of counter distribution of bonds exceeded RMB30.0 billion,supporting major national strategies and making more efforts to serve the real economy.We continued to optimize the functions of our system,and provided individuals,enterprises and financial institutional investors with financial pro

316、ducts that combined safety,liquidity and profitability.Agency Insurance Business We enriched the system of agency insurance products and continued to improve our service capability to effectively meet the diversified insurance needs of customers.Our agency insurance business achieved healthy growth,

317、with both agency insurance premium and commission income holding a leading position in the industry.We actively advanced agency sales of commercial pension insurance,and our agency sales of long-term pension insurance premiums amounted to RMB19.2 billion in the first half of 2024.Agency Distribution

318、 of Fund Products With a clear understanding of market situations,we actively deployed bond funds and monetary funds,strengthened equity fund reserves,promoted the issuance of innovation funds,continuously enriched fund product lines,and implemented the operating strategy that lays equal emphasis on

319、 fund issuance and continuous marketing.We carried out specialized training on wealth management themed“Golden Leading Geese”,to advance the building of the talent team.In the first half of 2024,the sales volume of publicly offered funds distributed by the Bank amounted to RMB149,038 million,represe

320、nting a year-on-year increase of RMB32,751 million.Agency Sales of PRC Government Bonds In the first half of 2024,we,as an agent,distributed eight tranches of PRC government savings bonds with the sales amount of RMB19,477 million,including four tranches of PRC government savings bonds(in certificat

321、e form)with the sales amount of RMB7,704 million,and four tranches of PRC government savings bonds(in electronic form)with the sales amount of RMB11,773 million.-52-Internet FinanceUpholding the service principles of“finance for the people”,the Bank continuously improved the digital service channels

322、,continued to expand online traffic,and advanced the digital transformation in depth.Smart Mobile BankingWe launched the 9.2 version of mobile banking.Driven by data,we optimized users experience,created a pension service ecology and provided inclusive and convenient financial services.As at the end

323、 of June 2024,we had 231 million of monthly active users(MAU)of mobile banking,representing an increase of 18.28 million MAU as compared to the end of the previous year,maintaining the leading position among the comparable peers.We improved the smart mobile banking system.We unveiled the English ver

324、sion of mobile banking,providing account inquiry,transfer,cross-border remittance,credit card repayment,phone top-up and foreign exchange price listing and other services for overseas visitors to China.We released the HarmonyOS version of mobile banking,adapting to HarmonyOS,a domestic operating sys

325、tem.We delivered exclusive pension services.We created a“pension zone”,which provided one-stop pension services by integrating entrances of social security,enterprise annuity and personal pension.We enriched pension finance services,launching features such as pension benefits estimation and pension

326、contributions.We continued to empower rural revitalization.We promoted the construction of the rural revitalization channel,providing featured services like high-quality rural stores and trade-ins of home appliances.We upgraded the“Rural Version”of mobile banking,launching Huinong Lectures in the Hu

327、inong zone for the concentrated publicity of financial products,Huinong policies and anti-fraud knowledge,etc.As at the end of June 2024,we had over 40 million of MAU of the“Rural Version”of mobile banking.Online Corporate Banking We upgraded the corporate financial service platform.We unveiled feat

328、ures such as intelligent input for transfer and speedy interbank remittance to further optimize the transaction process.We launched the intelligent Q&A assistant to help customers address problems arising in daily use.We iteratively upgraded mobile corporate banking.We refined the processes for high

329、-frequency transactions,such as transfer and details inquiry,tightened safety control in login,jump to external links and other features,and realized one-stop processing of services for corporate customers.We optimized the“Salary Manager”service.We enabled intelligent identification of employee card

330、 numbers,refined the solutions related to personnel,attendance,salary&tax,welfare and reimbursement,and upgraded the features of electronic payslips and the salary zone.-53-Smart Scene-based Finance We continued to improve scene-based financial services.In terms of campuses,we upgraded functions rel

331、ated to payment,teaching and academic administration to help to promote informationization construction capabilities in campuses.In terms of canteens,we launched services like monthly food ordering and menu comments to help enterprises achieve efficient catering management.In terms of government aff

332、airs,we optimized social security and medical insurance services,and enabled mobile payment by scanning medical insurance QR codes.In terms of travel,we focused on green travelling,introducing a new service that allows customers to pay for electrical bicycle charging by scanning QR codes on charging

333、 piles.We improved the service capabilities of open finance.We expanded the channels for applying for loans of consumption scenarios,and supported the whole-process handling of loans in cooperative platform.We deepened cooperation of mobile payment for medical insurance,enabling coordinated payment from the public medical insurance accounts,personal medical insurance accounts and self-funded accou